Annual UK house prices are growing at their fastest rate for 7 years, according to a new survey by Nationwide Building Society, as fear of a housing bubble continues.

The survey found house price growth was up 10.9% in April from the same month in 2013 which is the first time it’s reached double digits for 4 years.

All housing statistics currently being released appear to show prices have been increasing across the UK, although less so in recent months.

There is some discrepancy between Nationwide statistics and the Halifax which shows house prices only grew 8.7% over the previous year.

Nationwide now say the average UK house price is £183,577 where as the Halifax believe the average to be in £178,249.

London continues to set the pace in the housing market with the average house price now 20% higher than before the recession hit in 2008. This is compared to the rest of the UK where prices are still 2% lower than prior to the financial crisis.

Nationwide’s chief economist, Robert Gardner said

“After several months of moderation, the pace of house price growth picked up in April, with prices rising by 1.2% during the month.”

Benefit From House Prices

People with a property who are looking to down size can down benefit from the high house prices but it’s important to seek professional financial advice.

A number of mortgage schemes run by the government such as the help to buy scheme have helped people move property or get on the housing ladder.

Getting Mortgage Advice

A financial adviser could find the ideal mortgage deal including low interest rates and help maximise the potential to benefit from high prices.

Finding a mortgage adviser can be done in a number of ways such as internet search, phone book or even just through word of mouth.

It’s important to make sure the adviser has the appropriate licences, qualifications and experience to give good financial advice.

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